Norway’s $2 Trillion Wealth Fund Ends Contracts For Israel Asset Management

Arendal, Norway, August 11 (Reuters) – Norway’s 2 trillion -dollar dominant reserve fund said in a statement on Monday, terminating the contracts with Israeli executives and the portfolio of the country in the country through the situation in Gaza and West Bank.

The announcement follows an urgent examination of media reports that have established a share in an Israeli jet engine group that serves Israel’s armed forces, including the maintenance of the fighter aircraft.

“All investments in Israeli companies managed by foreign managers will be carried within the company and will be managed internally,” the Fund said. As of June 30, the fund, a branch of the Central Bank of Norway, which has stocks in 61 Israeli companies, has recently displayed bets in 11 of them.

The Fund said that he continued to review Israeli companies for potential disposal, “Now we have been completely sold from these positions.” He added that the examination will also lead to improvement of the necessary determination.

“The fund’s investments in Israel will now be limited to companies that are in the equity criterion index. However, we will not invest in all Israeli companies in the index,” he said.

The registration shows that the fund, which has a share in 8,700 companies worldwide, received shares in 65 Israeli companies at the end of 2024 and received a share of $ 1.95 billion.

Last year, he sold ethical concerns at an Israeli energy company and a telecom group, and said he had expected ethics, examining that he would not disposal assets in five banks.

In June, Norway’s parliament rejected the proposal to remove all companies with activities in the occupied Palestinian regions.